Romania Bans Polymarket for Unauthorized Crypto Betting Amid $600 Million Elections Wagers

Romania's National Office for Gambling (ONJN) has placed Polymarket, a prominent prediction market, on its blacklist for operating without a license and failing to adhere to gambling regulations. This decision comes as a response to a significant spike in crypto wagering during the recent elections, where Polymarket’s transactions reportedly surpassed $600 million.

Key Takeaways

Polymarket has been blacklisted by Romania's gambling authority for unauthorized operations.
The platform reportedly handled over $600 million in betting during the recent election events.
ONJN classified Polymarket's activities under gambling laws, which require proper licensing.
Polymarket’s ongoing challenges also include previous fines from US regulators and restrictions in several countries.
The platform is preparing to relaunch its services in the US, targeting sports-related markets soon.

Romania blacklists Polymarket for illegal crypto betting amid $600M election wagers

Romania's Stance on Polymarket's Betting Activities

Romania’s National Office for Gambling (ONJN) has taken action against the popular prediction market platform, Polymarket, labeling it an unlicensed gambling site operating without state supervision. This crackdown is due to a noticeable increase in crypto-based betting surrounding Romania’s recent presidential and local elections. According to a statement from the ONJN, Polymarket’s trading volume during this period has exceeded $600 million.

ONJN President Vlad-Cristian Soare emphasized that this enforcement “is not about technology, but about the law.” He pointed out that whether bets are placed in the local currency or in cryptocurrency, they are characterized legally as gambling and must be regulated accordingly.

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Polymarket's Trading Model Viewed as Gambling

The ONJN outlined multiple violations, including insufficient fiscal reporting, absence of player protection initiatives, and lack of Anti-Money Laundering (AML) compliance. Although Polymarket presents itself as an “event trading” platform, the ONJN argued that its model — where users bet on uncertain outcomes while the platform takes a commission — aligns with legal definitions of gambling. Consequently, Romanian internet providers are now mandated to block access to Polymarket’s website.

Polymarket users bet on NYC Mayoral Election. Source: Polymarket

This enforcement aligns with similar actions taken in other jurisdictions. In 2022, the US Commodity Futures Trading Commission (CFTC) fined Polymarket for operating unregistered derivatives markets, which forced the platform to prohibit American users. Regulatory bodies from Belgium, France, Poland, Singapore, and Thailand have also imposed restrictions on Polymarket. Despite these obstacles, the platform has continued to expand, recently obtaining a substantial investment of $2 billion from the Intercontinental Exchange, the parent company of the New York Stock Exchange.

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Polymarket's Plans for a US Relaunch

Reports indicate that Polymarket is gearing up to restart trading in the US within weeks, initially focusing on sports-related markets. According to Bloomberg, the platform aims to launch limited trading for US users before the end of November.

This initiative follows the CFTC’s recent no-action letter regarding a crypto derivatives exchange that Polymarket has acquired, effectively paving the way for its comeback.

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